Kensington Credit Opportunities ETF

Kensington Credit Opportunities ETF invests, under normal circumstances, at least 80% of its assets (including the amount of borrowings for investment purposes) in (1) U.S. and non-U.S. fixed income securities; and (2) exchange-traded funds and derivatives instruments that provide long and short exposure to U.S. and non-U.S. fixed income securities. The Fund focuses on lower-quality, higher-yielding securities across a wide range of investable asset classes using both long and short exposures. The Fund will gain exposure to fixed income securities primarily by investing in one or more of the following investment types: Other exchange-traded funds ("ETFs"); Individual bonds (or baskets of bonds); Bond futures; and Credit default swaps, credit default index swaps, and options on such instruments. The Fund is designed to provide an actively-managed solution across various sectors of fixed income using Kensington's investment process. The Fund will generally feature a blended portfolio that increases or decreases exposure across target asset classes. The Fund may use both long or short exposures to manage duration and credit risk through a two-step process that involves quantitative analysis on different aspects of fixed income investing, as well as risk management.